Jacobsen Capital Management Makes New $274,000 Investment in BlackRock $BLK

Key Points

• Jacobsen Capital Management made a new investment of $274,000 in BlackRock during the second quarter, acquiring 261 shares of the asset manager's stock.
• Recent analyst ratings for BlackRock include an upgraded price target from BNP Paribas Exane to $1,265, while Deutsche Bank set a target at $1,320, and twelve analysts rated it as having a "Buy" rating.
• BlackRock's recent earnings report revealed an EPS of $11.55, which fell short of the consensus estimate, despite revenue exceeding expectations with a total of $6.51 billion.

Jacobsen Capital Management purchased a new stake in BlackRock (NYSE:BLK - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 261 shares of the asset manager's stock, valued at approximately $274,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Lafayette Investments Inc. purchased a new stake in shares of BlackRock in the second quarter worth about $207,000. Probity Advisors Inc. lifted its position in BlackRock by 9.8% during the 2nd quarter. Probity Advisors Inc. now owns 826 shares of the asset manager's stock worth $867,000 after acquiring an additional 74 shares in the last quarter. Mid American Wealth Advisory Group Inc. purchased a new position in BlackRock in the 2nd quarter worth approximately $34,000. Klingman & Associates LLC grew its position in BlackRock by 57.2% in the second quarter. Klingman & Associates LLC now owns 1,075 shares of the asset manager's stock valued at $1,128,000 after acquiring an additional 391 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC lifted its position in shares of BlackRock by 1.7% during the second quarter. Avidian Wealth Enterprises LLC now owns 832 shares of the asset manager's stock worth $873,000 after purchasing an additional 14 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BLK shares. BNP Paribas Exane lifted their price target on shares of BlackRock from $1,160.00 to $1,265.00 and gave the stock an "outperform" rating in a research note on Thursday, October 9th. Deutsche Bank Aktiengesellschaft set a $1,320.00 target price on BlackRock and gave the company a "buy" rating in a research report on Wednesday, October 15th. Wells Fargo & Company dropped their price target on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Bank of America raised their price objective on shares of BlackRock from $1,394.00 to $1,456.00 and gave the stock a "buy" rating in a report on Wednesday, October 15th. Finally, UBS Group reiterated a "hold" rating on shares of BlackRock in a research note on Tuesday. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, BlackRock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,299.29.

BlackRock Stock Down 2.5%

NYSE:BLK opened at $1,130.70 on Wednesday. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. The stock has a 50 day moving average of $1,140.89 and a 200-day moving average of $1,046.85. The firm has a market capitalization of $175.09 billion, a PE ratio of 29.07, a price-to-earnings-growth ratio of 2.01 and a beta of 1.45. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,219.94.

BlackRock (NYSE:BLK - Get Free Report) last issued its earnings results on Tuesday, October 14th. The asset manager reported $11.55 earnings per share for the quarter, missing the consensus estimate of $11.78 by ($0.23). The company had revenue of $6.51 billion during the quarter, compared to analyst estimates of $6.22 billion. BlackRock had a return on equity of 15.36% and a net margin of 26.64%.BlackRock's quarterly revenue was up 25.2% on a year-over-year basis. During the same period in the prior year, the business earned $11.46 earnings per share. Analysts predict that BlackRock will post 47.41 EPS for the current year.

Insiders Place Their Bets

In other news, Director Fabrizio Freda sold 4,434 shares of the stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total value of $4,978,539.54. Following the completion of the transaction, the director directly owned 3,506 shares in the company, valued at $3,936,571.86. This trade represents a 55.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rachel Lord sold 18,036 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the transaction, the director directly owned 19,205 shares of the company's stock, valued at approximately $21,617,148. The trade was a 48.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,494 shares of company stock worth $74,694,573 over the last 90 days. Insiders own 1.98% of the company's stock.

BlackRock Profile

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.

Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock (NYSE:BLK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.